Get The Facts On Proposition 38

STUDIO CITY (CBS) — Proposition 38 has temporary measures that will increase Personal Income Taxes (PIT) for everyone making more than $7,316 a year. They will go up in sliding scale format: 0.4% for the lowest earners and 2.2% for those who make more than $2.5 million.

The increases would be in place for 12 years, or until 2023-2024.

Single Filer's Tax Increases:

7,316-17,346 - 0.4%
17,346-27,377 - 0.7%
27,377-38,004 - 1.1%
38,004-48,029 - 1.4%
48,029-100,000 - 1.6%
100,000-250,000 - 1.8%
250,000-500,000 - 1.9%
500,000-1,000,000 - 2.0%
1,000,000-2,500,000 - 2.1%
Over 2,500,000 - 2.2%

Joint Filer's Tax Increases:

14,632-34,692 - 0.4%
34,692-54,754 - 0.7%
54,754-76,008 - 1.1%
76,008-96,058 - 1.4%
96,058-200,000 - 1.6%
200,000-500,000 - 1.8%
500,000-1,000,000 - 1.9%
1,000,000-2,000,000 - 2.0%
2,000,000-5,000,000 - 2.1%
Over 5,000,000 - 2.2%

Revenues will be deposited into a new state account, the "California Education Trust Fund."

In the first four years, revenue will be distributed like this: 60% for K-12 schools, 30% to repay the state debt and 10% for early childhood programs.

After those first four years, funds will be distributed like this: 85% for K-12 and 15% for early childhood programs.

The funds for schools can be controlled locally and can be changed through audits or public input. The state may not direct new funds.

The proposition says the additional state revenues raised would be $10 billion a year, as opposed to Proposition 30, which would be around $6 billion a year.

Additionally, Proposition 38 says its revenue will increase over time, while Proposition 30 says its revenue will decrease after 2016-2017.

Read the proposition for yourself:
http://vig.cdn.sos.ca.gov/2012/general/pdf/38-title-summ-analysis.pdf
YES on 38 - Money for Our Schools, Not Sacramento
http://www.prop38forlocalschools.org/
NO on 38 - Stop the Middle-Class Income Tax Hike
http://stopthemiddleclasstaxhike.com/index.php
Polls indicate that no leads yes 52% to 34% as of Sep. 29, 2012.

The LA Times says NO on Proposition 38.